Cathie Wood’s ARK Investment Buys Over 2.4 Million Shares Of Robinhood Markets Despite Its Ruin

Robinhood Markets has a financial services platform through which people can buy cryptocurrencies, stocks, gold, and more. Its own stock, which was listed on the Nasdaq half a year ago at an initial price of $34.82, was trading at $12.72 before the close of the last trading. The price has plunged 63% for six months. One of the reasons for the price deterioration is its weak earnings report and low forecasts for the current quarter, which analysts didn’t expect at all. Taking the opportunity, ARK Next Generation Internet ETF acquired 230,000 shares on January 28th. ARK Innovation ETF and ARK Fintech Innovation ETF also bought 1.95 million and 262,000 HOOD units, respectively.

Robinhood Markets’ Q4 revenue was just under $363 million, down $7.9 million from analyst estimates, according to the report. Share trading revenue decreased to $52 million from over $70 million a year ago in Q4. The company raised $48 million in crypto trading and $163 million in options trading. Operating expenses soared 162% in three months to $783.1 million. Robinhood expects this figure to pop further to 20% in fiscal 2022. These were only the main indicators that affected the stock price. The full report is available on the company’s website in the blog section.